The UK Green Investment Bank (GIB) is investing £30 million in a waste-to-energy gasification facility in Hertfordshire.

The £60 million project in Hoddeson, developed by AssetGen Partners, will have a total capacity of 10MW – equivalent to powering more than 7,000 homes.

It will be able to process 90,000 tonnes of commercial and industrial waste, which will be supplied by two waste management companies.

The facility is the first commercial-scale, refuse-derived fuel gasification project to secure construction financing from third-party investors, according to GIB and fund manager Foresight Group.

Business Secretary Vince Cable MP said: “This latest investment by the Green Investment Bank in a gasification plant in Hertfordshire will use technology and parts sourced from British companies and create more than 100 local jobs.”

The facility is expected to start operating in early 2017.